Crude Oil Candlestick Analysis

[garp 10]

Well, I see that I hurry up, but I do not expect CL over 86 for now. So I wouldn't cover my short today.

[trader273 10]

Can you post a chart of what you are looking at?

[trader273 10]

Update on CL long:

Took 2/3 of at $84, for a profit of $4.46/ct ( that comes out to $4,460/ct)

Still letting 1/3 ride in case this thing really takes off. Current stop on that is just below the $84 level. Heating Oil and Natural gas are all producing good profits as well. Yet people still say candles do not work, I hope I can show people here that simple techniques can and are effective. No need for extravagant indicators, or POS vendors that try to sell there uber-secret, yet uber-amazing system that promises you market dominance for a mere $6k. Common sense should prevail, but it is usually the greed that prevails, till reality sets in. Oh well, hope this is helping someone out there.

 

[TinGull 10]

Do you ever take any volume information into account when you're making these trades? Or is it just purely candle information?

[trader273 10]

Just use candles with basic SR levels. I found volume not to be helping in my analysis, ( believe me I tried to get it to work!)

[Sparrow 10]

A bit off topic, i read NihabaAshi's hammer's revisited thread on ET and he doesn't look a volume either. Mostly using price action and WRBs, fascinating stuff, but it surely needs a lot experience to make it work.

[TinGull 10]

thats interesting. I think I'd feel lost without volume, but knowing what candles to watch for and where is certainly a fantastic way to go about it.

[trader273 10]

Tin,

I tried every way out there to get volume to work for me. Just couldnt find anything that suited me.

[trader273 10]

Here is an intra-day update on the CL long.

 

[TinGull 10]

Cool. I've got ways that volume really works in my crazy brain, so I definitely put it to use. Love seeing these threads tho. But damn, those contracts trade pretty rich per tick, don't they

[trader273 10]

yeah, these aren't for the faint of heart. But Natural Gas, Heating Oil, and Crude oil are the ones moving now, so gotta play what is moving.

[OAC 10]

Why all the sudden interest in Crude right now ? Is it because it is on the newspaper headline ? HAHA, I bought it two months ago.

[trader273 10]

I was watching the 78-79 area as a support level, and it held nicely. What prompted you to buy 2 months ago?

[OAC 10]

I was watching the 78-79 area as a support level, and it held nicely. What prompted you to buy 2 months ago?

Actually more like 3 months ago because of the Inverse Head and Shoulder and some Fibonacci calculations. I bought the ETF(USO) which is basically consist of unleverage futures positions. I bought it for my long-term portfolio which explains why I have held it so long. Had I bought the futures, I probably would have liquidated in a couple of hours .:o

[trader273 10]

I was going to say that is a helluva long time to be holding some crude oil contracts.

[OAC 10]

I was going to say that is a helluva long time to be holding some crude oil contracts.

I could hold that long, but it would seriously disturb my sleeping pattern.

[brownsfan019 17]

I could hold that long, but it would seriously disturb my sleeping pattern.

 

That's my issue with holding overnights OAC too. For whatever reasons, overnight 'exposure' rattles my system. Probably b/c I haven't held overnight in so long!

[OAC 10]

That's my issue with holding overnights OAC too. For whatever reasons, overnight 'exposure' rattles my system. Probably b/c I haven't held overnight in so long!

 

Browsfan:

Weren't you a Series 7 Registered Representative ? Didn't you have many sleepless nights worrying about your client's portfolio ?

[brownsfan019 17]

Browsfan:

Weren't you a Series 7 Registered Representative ? Didn't you have many sleepless nights worrying about your client's portfolio ?

 

You remember that OAC do you?

 

Honestly, nope.

 

I did what I was taught - sell managed money and let the managers worry about the rest. My job was to sell. And I did.

 

It was a different life for me back then...

[OAC 10]

Very good.

That means you didn't work for the Churnthm and Burnthm Securities.

[trader273 10]

Moving the stop on the remaining 1/3. Moving it to 84.89, Just below the psychological level and round number of 85. Didn't like how today's candle ended. Long-Legged Doji, aka "Rickshaw Man". Shows the market is finding some sort of balance. I don't like balanced markets. Expecting a sell off coming, hopefully to the 82.50 level and I'll look for another buy. Till then we shall see what comes of the remaining 1/3 I got long still.

[trader273 10]

Moving the stop on the remaining to just below 87. Entered at:79.54, so if this gets trailed out I'll make $7,460/ct

[TinGull 10]

Not a bad couple weeks' pay, eh?

[trader273 10]

Not to shabby

[trader273 10]

OK, done with this thread. There is more than enough information here if you want to use, if not go buy some BS vendor like TZ.